• Thu. Apr 18th, 2024

Chainlink saw traction lately, sharing new network developments, each appearing lucrative. For example, the blockchain confirmed crossing $16.18 trillion in this year’s transaction count. Furthermore, Chainlink surpassed 4.3 billion on-chain data points.

Unfortunately, these developments couldn’t impact LINK’s price, with the alternative token losing more than 4% since exploring $7.51 within the previous week, with a market cap above 43.68 billion.

Surprisingly, watching Chainlink’s on-chain metrics revealed a negative outlook for the alternative token, with most suggesting upcoming downtrends.

What’s Happening?

Data from Santiment shows things may not be lucrative for LINK within the upcoming days. The token’s volume recorded an enormous decline recently after September 29 spikes. Also, LINK’s development activity plummeted within the past few days, presenting a red flag.

Besides, its social volume endured similar trends over the past week – a negative signal as it shows declined interest in the alternative token. Nevertheless, such narratives had LINK’s Moving Average Convergence Ratio recorded a surge. That might help the token to soar in value on its charts.

The Bright Side?

Surprisingly, data from CryptoQuant showed Chainlink’s exchange reserve recorded a drop – a bullish sign suggesting low selling momentum. LINK’s exchange netflows reflected similar cases on a 7d average – another green flag for LINK.

Nevertheless, Chainlink’s daily chart highlighted an ambiguous structure, with a few indicators confirming lucrative days ahead while others suggested downfalls. For example, Chainlink’s 20-day EMA (Exponential Moving Average) stayed beyond the 55-day Exponential Moving Average. That indicated buyer superiority within the marketplace.

The Bollinger Bands showed LINK’s price stayed a crunched territory and might exhibit volatility soon. Nevertheless, the Moving Average Convergence Divergence suggested that bears dominated following a fight after a bearish cross.

Furthermore, the RSI (Relative Strength Index) and CMF (Chaikin Money Flow) remained at neutral levels, indicating that the market might move in either direction in the upcoming days. Lastly, enthusiasts should watch broad market tendencies for clues on upcoming UNI movements.

The market attempted to recover during this publication. The global cryptocurrency market capitalization gained 0.40% within the past day to $928.98 billion. Also, Bitcoin stayed relatively flat at $19,233 over the past day.

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